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A Quick Peek on Popular Forex Trading Software and Their Features

by ETF Base on May 19, 2014

Foreign exchange trading is getting so much hype these days which makes a lot of sense as more people realize that they can make a huge profit in trading currencies. Whether you are a beginner or you have been in the market for a while, it is essential to find a good trading platform. There are so many forex trading platforms these days that are offered by big names in currency trading such as MXT Global but you have to bear in mind that it is essential to compare platforms and see if it has all the features that you need.

MetaTrader 4. Among all the trading platforms in the industry, this one comes highly recommended perhaps owing to the fact that it is the most widely used. Any individual who is in currency trading knows about this platform and it is a staple for anyone who conducts currency trading online. The primary reason why this is the choice among all other platforms is access seconded by features. There are forums for those who are looking for guidance in using the platform although the company does not offer direct support. Another cool thing about Metatrader is that you can create Expert Advisors on your own or with a bit of help from developments of other programmers. With this, you can entrust account management and market analysis to a computer program. There’s a beta for Meta Trader 5 but it’s still on the works.

Ninja Trader 7. There is no denying that the world waited in awe for the unveiling of the new Ninja Trader platform and it was totally worth the wait. Most traders love this platform for its charts which are one of the best in the industry. The Strategy Analyzer and the Market Replay are also great features which makes currency traders appreciative of it. Running on a C# subset with lots of objects and add-on functions, integrating Expert Advisors to this platform is totally possible with the right programming skills. The platform’s manual is quite extensive and there are a lot of support networks including email. On demand and live webinars are also available. Unfortunately, the number of brokers who are using the platform is not as extensive as MetaTrader’s. Another downside has something to do with navigation which is a bit tricky, hence, the need for a longer learning curve. Plus, diagnosing an issue can be more complicated as there are 3 parties involved: Ninja Trader, the client and the broker.

eSignal Platform. This platform has been around for around 2 decades although there is still much to be desired from the performance of the software. Available not only for currencies but also for futures and for equities, it is not surprising why there is a solid squad of brokers behind this platform. One of the most obvious improvements lies with the service of the platform which has drastically improved. There are about a hundred third party programmers who can add custom platforms to the software at various levels and it also offers full support. However, the platform remains to be limited compared to NinjaTrader and, more so, Meta Trader. The scripting tool is quite basic and compared to Meta Trader, a user is bound for a longer learning curve. It is also possible to integrate the platform with Expert Advisors.

These days, currency trading is not much of a stranger and it would be great to know more about the platforms that you can use when you are into trading currencies. With so many more choices which are available to you, make sure to assess if the features are complete and if it has the necessary information that you need to make the most informed decisions while trading.